NSE: TDPOWERSYS · BSE: 533553
TD POWER SYSTEMS LTD.
Manufactures AC generators sold primarily to gas turbine, steam turbine and gas engine original equipment manufacturers (OEMs) for use in power generation applications including AI data centres, grid stabilisation, renewables and oil and gas. AC generators make up 97% of turnover, with the balance from motors, spares and a small EPC line. Consolidated FY26 revenue was ₹1,856.23 crore (standalone ₹1,736.67 crore, up 35% YoY), with EBITDA margin of 18.91% and PAT of ₹238.77 crore. A third manufacturing facility in Tumkur was recently commissioned, taking the workforce to 730 permanent employees plus 820 workers. Exports dominate the order book — 79% of FY26 order inflows and 67% of turnover spread across 113 countries — and the order book stood at ₹1,972.90 crore at year end. FY26 order inflow was ₹22.38 bn, up 51% YoY. Materials are the largest cost at 69% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing (100%), Engineering, Procurement and Construction (EPC) (0%). Capital-goods manufacturer of electrical generators; order-book driven and exposed to global power-generation capex cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 797 | 872 | 1,001 | 1,279 | 1,856 |
| EBITDA (ex other income) | 99 | 132 | 167 | 231 | 330 |
| margin % | 12.5 | 15.1 | 16.7 | 18.0 | 17.8 |
| Owners' profit | 0 | 0 | 0 | 175 | 0 |
| EPS, as reported (₹) | 22.96 | 6.23 | 7.58 | 11.18 | 15.29 |
| ROE % · ROCE % | 13.4 · 17.4 | 16.0 · 17.5 | 16.8 · 22.8 | 20.3 · 26.9 | 22.3 · 30.3 |
| Debt / equity (x) | 0.13 | 0.00 | 0.00 | 0.01 | 0.02 |
| Cash from operations | 11 | 89 | 84 | 40 | 129 |
| Capex | (11) | (16) | (23) | (52) | (106) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 306 | 350 | 348 | 372 | 452 | 443 | 589 | 640 |
| Profit before tax | 56 | 60 | 70 | 67 | 82 | 78 | 99 | 117 |
| Net profit | 41 | 45 | 53 | 50 | 60 | 56 | 72 | 86 |
| EPS (₹) | 2.64 | 2.88 | 3.40 | 3.21 | 3.85 | 3.61 | 4.62 | 5.52 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.9 | 36.5 | 20 of 34 | 42% |
| P/B | 10.5 | 5.4 | 26 of 33 | 22% |
| ROCE | 30.1 | 16.6 | 7 of 36 | 83% |
| ROE | 22.3 | 14.7 | 10 of 34 | 73% |
| Debt / Equity | 0.0 | 0.1 | 14 of 34 | 61% |
| EBITDA margin | 19.4 | 16.4 | 14 of 35 | 62% |
| Revenue growth | 72.1 | 17.7 | 2 of 33 | 97% |
| Profit growth | 72.3 | 6.7 | 7 of 32 | 81% |
| Market cap | 11233 | 6267 | 13 of 35 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · TD Power Systems allots 77.4 lakh shares via QIP at Rs 775 each, raises Rs 600 crore | fund raising | high | — | — |
| 12 Oct 2026 · TD Power Systems completes ₹600 crore QIP at near floor price | fund raising | high | — | — |
| 12 Oct 2026 · TD Power Systems QIP closes at Rs 775 per share, 0.05% below floor price | fund raising | high | — | — |
| 8 Oct 2026 · Routine quarterly dematerialisation confirmation filing | compliance | minimal | — | — |
| 7 Oct 2026 · TD Power Systems QIP opens, floor price at Rs 775.35 per share | fund raising | high | — | — |
| 7 Oct 2026 · TD Power Systems gets trading nod for 12.5 lakh promoter shares | capital market events | medium | — | — |
| 2 Oct 2026 · TD Power Systems gets listing approval for 12.5 lakh preferential shares to promoters | capital market events | medium | — | — |
| 1 Oct 2026 · TDPS USA bags 192 crore rupee order from US MNC for gas turbine generators | business updates | high | — | — |
| 24 Sept 2026 · TD Power Systems to meet Goldman Sachs analysts on Sep 30 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · TD Power Systems to host analyst meet on Sep 29 at Bengaluru plant | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.